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Weekly Outlook of GOLD-XAUUSD 21-April to 27-April

Gold Trading Alerts:

Gold is a form of Safe Asset. It is used as currency in the forex market. Gold can be used as Investment, Hedge Instrument, majorly traded against Usd. It moves up whenever there is the geopolitical issue and economic  Certainty

Spot GOLD/XAUUSD  down on Friday as the US dollar Strong. Comex gold futures moved in line with our expectations. Gold was facing Strong Resistance at 1333 it was not able to Break this level. On Friday Gold went below middle Bollinger Band.

Technical Overview:

Weekly Outlook of GOLD-XAUUSD 21-April to 27-April
Weekly Outlook of GOLD-XAUUSD 21-April to 27-April
  • Gold moved Below Middle Bollinger Band
  • Double Top Pattern Formation
  • Downtrend Expected
  • Key Levels To Watch 1332
Resistance Support Pivot
1342 1332  
1349 1321 1338.6
1355 1307  

 

Fundamental Overview:

  • As there is Ease in Geopolitical Issue Gold Slid’s from its High of 1355
  • North Korea Told they will stop there nuclear program Immediately which will make USD Strong
  • Another Hike Expected In May From Fed

 

Our Recommendation:

Our Short Term View in Gold is bearish until there are no Geopolitical tensions which lead gold moves upwards We expect It to move Towards 1321 there it can face Major Support

 

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